General Announcement::Judgment against ex-employee of Vietnam Subsidiary
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General Announcement::Judgment against ex-employee of Vietnam Subsidiary Issuer & Securities
Issuer/ Manager CSC HOLDINGS LIMITEDAnnouncement Details
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12/4/2016
The Board of Directors (the "Board") of CSC Holdings Limited (the "Company") refers to the announcement made on 27 January 2013 in relation to the police report lodged by its wholly- owned subsidiary, L&M Foundation Specialist (Vietnam) Limited Company ("LMVN") against a former employee of LMVN.
The Board wishes to announce that the trial has been concluded leading to the release of the written judgment by the Ho Chi Minh City People's Court (the "Vietnam Court") on 8 April 2016. The Vietnam Court found the former employee guilty of fraudulent misappropriation of approximately VND 12.75 billion (approximately S$ 0.78 million) from LMVN ("misappropriation amount") and was sentenced to 12 years' imprisonment. She was ordered to repay VND 6.058 billion (approximately S$ 0.37 million) to LMVN.
Appeals have been filed to the Vietnam Court, by LMVN to seek full compensation of the misappropriation amount and, by the former employee to overturn the conviction.
The Company had previously made full provisions in respect of the misappropriation amount in the financial years ended 2010, 2011 and 2012. The amounts involved are not expected to have any material impact on the consolidated net tangible assets or consolidated earnings per share of the Company for the financial year ended 31 March 2016.
The Board will keep shareholders informed of any significant developments and will make necessary announcements at the appropriate time.
By the Order of the Board
CSC HOLDINGS LIMITEDSee Yen Tarn
Chief Executive Officer 12 April 2016
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CSC Holdings Ltd. issued this content on 12 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 13 April 2016 07:35:29 UTC
Original Document: http://www.cschl.com.sg/newsroom/Judgement_against_exemployee_of_Vietnam_Subsidiary120416.pdf